Legal center RegPractic
Review of the residential complex "Nevskaya Zvezda" with an analysis of the financial situation of the developer, construction prospects and the equity participation agreement of JSC IC "IPS"
The developer of the Nevskaya Zvezda residential complex is the Joint Stock Company Construction Concern "Engineering, Design, Construction" (abbreviated name: JSC SK "IPS"), a long-established company with a registration date of April 16, 2001. TIN 7805205211. General Director - Loktionov Viktor Leonidovich, TIN 781400768984, who is also the sole shareholder of the company. The authorized capital of the developer is 100,000 rubles.
19-22 storey residential building.
Construction began in the 3rd quarter of 2012, completion and commissioning in February 2014. Permission for commissioning was received on September 14, 2016.
The delay in delivery was 2.5 years from the originally stated deadline.
A 20-storey residential building with a two-level built-in and attached parking lot and built-in premises.
Construction permit dated September 4, 2014. Extended from 03/01/2017 to 06/30/2018.
Construction began in the 3rd quarter of 2014, completion - in the 2nd quarter of 2017. Extended until Q2 2018.
Commissioning - March 2017, postponed to July 2018.
Apartments 342 pcs. Parking spaces - 162 pcs.
The total area of separate office premises is 480 m2.
Cost 1,300,000 thousand rubles.
z.u. 78:12:7148B:25
.
Construction of the second stage using the own and loan funds of OJSC Bank St. Petersburg.
21-26-storey residential building with built-in/attached parking and built-in premises.
Construction permit dated July 29, 2015. Valid until November 29, 2017. Extended until June 30, 2020.
Construction began in the 3rd quarter of 2015, completion - in the 2nd quarter of 2020.
Commissioning - June 2020.
Apartments 678 pcs. Parking spaces 347 pcs.
The total area of separate office premises is 1,242 m2.
Cost 2,100,000 thousand rubles.
z.u. 78:12:7148B:25
General contractor "IPS-2" LLC
Construction of the third stage using own and borrowed funds from OJSC Bank St. Petersburg.
A 26-storey residential building with a two-level built-in and attached parking lot and built-in premises.
Construction permit dated November 30, 2016. Valid until March 1, 2023.
The start of construction is the 4th quarter of 2016, the end is the 1st quarter of 2023.
Commissioning - March 2023.
Apartments 1,071 pcs. Parking spaces 335 pcs.
The total area of separate office premises is 1,235 m2.
Cost 2,600,000 thousand rubles.
z.u. 78:12:0714802:2
General contractor "IPS-2" LLC
Construction of the fourth stage using own and borrowed funds from OJSC Bank St. Petersburg.
The estimated cost of 3 houses in the Nevskaya Zvezda residential complex, which are currently under construction, is about 6 billion rubles. Of these, about 3.4 billion rubles. accounts for the construction of residential buildings of the 2nd and 3rd stages (this is an important circumstance that we will discuss later). Apartments - 2,091 units. Of these, 1,020 apartments are in houses of the 2nd and 3rd stages of construction.
Let's answer two questions:
1. Are the concluded agreements sufficient for the influx of money to ensure the declared pace of construction?
2. Did the developer receive enough money to build what he built, or could he have built more (or less) for that money?
1. To answer the first question, let’s analyze the available sales information. According to Rosreestr, as of April 14, 2017, in buildings on s.u. 78:12:7148B:25 (houses of the 2nd and 3rd stages of the Nevskaya Zvezda residential complex) 331 mortgage agreements were concluded. These DDUs were concluded in the interval from 04/09/2013 to 03/24/2017. By salary 78:12:0714802:2, (houses of the 4th stage) on the portal in Rosreestr as of April 14, 2017, there is no information about any concluded DDU involving mortgage financing. On the Rosreestr portal, only DDUs with a mortgage are visible; perhaps the developer has concluded not 331 DDUs, but at least twice as many.
Taking into account the fact that the number of apartments in buildings of the 2nd and 3rd stages is 1,020 units, it can be assumed that such a pace of concluding the DDU is capable of providing JSC IC "IPS" with a sufficient amount of money necessary for the construction of the residential complex "Nevskaya Zvezda", which should help ensure that construction proceeds according to the stated schedule. This conclusion does not apply to the house of the 4th stage, where sales practically did not begin, but construction practically did not begin either. So, by the beginning of April 2017, JSC IC "IPS" entered into contracts for at least 32% of the apartments in the residential complex of the 2nd and 3rd stages (331/1020). However, this figure could be twice as high.
2. To answer the question whether the developer received enough money to build what he built, whether he could have built more or less for this money, let’s look at another document. According to the information presented on the website of the Corporate Information Disclosure Center created by the Interfax Agency, the developer as of January 1, 2017 showed the following indicators.
At the same time, the amount of funds received from shareholders and reflected on the balance sheet under the item “deferred income” decreased from 01/01/2016 to 01/01/2017, not so significantly, because during 2016 apartments 2 and 3 were sold th stages of construction. In other words, the developer wrote off 700 million rubles from the balance sheet, having built and commissioned the house of the 1st stage, but it is not possible to write off the same amount from the proceeds from the shareholders, because during 2016 the developer continued to receive additional money from the sales of apartments of the 2nd stage. 1st and 3rd stage. This is where this non-coincidence comes from.
What do we have as of 01/01/2017 according to this reporting? 2.326 billion rubles were attracted into the construction of the 2nd and 3rd stages of money from shareholders, but only 1.152 billion rubles were spent on construction. At the same time, for the sake of objectivity, it must be said that assets include the excess of accounts receivable over accounts payable, that is, advances for work, which amounted to almost 600 million rubles. (671,667 - 78,890 thousand rubles = 592,777 thousand rubles), but the size of reserves was only a meager 23 million rubles.
It is obvious that the amount of funds received from shareholders is 0.559 billion rubles. more than 2.326 billion rubles spent in construction. - (1.152 + 0.592 + 0.023), which is a very significant amount for the construction of the 2nd and 3rd stages worth 3.6 billion rubles, disbursed only by half (1.152 + 0.592 + 0.023 = 1.767 billion rubles). Thus answering the question posed. The developer received more money from participants in shared construction than was spent on construction by 560 million rubles. If this money had been spent on construction, the volume of work performed would have immediately increased by almost a third (559/1767).
The developer received sufficient funds from shareholders to build according to the stated construction schedule. How did the developer manage these significant funds received from the sale of apartments of the 2nd and 3rd stages of construction (not taking into account the construction of the 4th stage of the house, which has just begun). What volume of construction was actually completed by the developer at the beginning of April 2017 (at the time of compiling this report). Let's see how fast construction is progressing. On the official website of the residential complex there are photographs of the construction of all three houses of the residential complex.
It should be noted that although at the same time it was possible to insulate the facade walls with mineral wool slabs, and even carry out facade plastering, at least on balconies, the developer has not yet started this work. It should also be noted that the work on connecting external networks has been largely completed. The house of the 2nd stage of construction has a common courtyard with the completed house of the 1st stage, where the photographs show two heating points and an electrical substation.
Taking into account this circumstance, the volume of completed work from the total volume of construction can be estimated at no less than 55-60%. At the same time, it is obvious that if in 2 years and 3 months (since December 2014, when construction of this house began) no more than 60% of the volume was developed, then it is difficult to expect that the developer will be able to develop about 40-45% in the remaining year before completion . The developer has already postponed the completion of construction and commissioning of the house from March 2017 to July 2018, but even this deadline is difficult to meet. At the current pace of construction, we can most likely talk about, at best, the end of 2018.
Under these circumstances, financing the construction of houses in the 2nd and 3rd stages can only be carried out through the sale of apartments in the 4th stage. If the sale of apartments in the 4th stage will finance the construction of the 2nd and 3rd stages, what resources will be used to finance the construction of the 4th stage? The developer stated that construction of the 5th stage will also be carried out. By approaching the choice of terms very carefully, one can make a value judgment, which can be refuted if the developer publishes other data in open sources, that this organization for financing construction projects has the characteristics of a pyramid, when subsequent construction is financed at the expense of the previous one.
In this case, not only will the construction of houses in the 2nd and 3rd stages presumably be financed by the sale of apartments in the 4th stage, but also the money received by the developer from the shareholders is not used in full. Thus, 560 million rubles received from shareholders of houses of the 2nd and 3rd stages. were not used for construction, and were not used for development in construction, advances for work, or the formation of reserves of building materials.
Such a scheme has the right to exist, but only if new construction projects are constantly starting.
If the construction of new houses ceases, the last of them fall into the risk zone, when the money remaining from the sale of apartments and the money spent on the completion of previous houses may not be enough to complete the completion of the last houses.
However, it is necessary to note positive indicators. They are also available. The developer, in project declarations and amendments to them, has published the main financial indicators from the start of construction of residential complex houses and to the present day. Here they are:
What is important in these figures is the excess of accounts receivable (that is, the debt to the developer when the work is paid but not completed, or completed but not certified), over accounts payable (that is, the debt of the developer for work performed, materials supplied, services rendered ). In other words, the developer pays advances for construction work for almost all years of construction, and the contractors must work off this debt. These are good, favorable indicators of the financial and economic activities of the developer. Positive aspects include data on the absence of debts, as well as the absence of enforcement proceedings (the only writ of execution on the website of the bailiff service is the unpaid state duty awarded by the court on February 22, 2017 in the amount of 3 thousand 600 rubles). There is no data on administrative claims, as well as claims against the developer’s activities from government inspection bodies.
Among the significant decisions that have entered into legal force, we can note the decision of the Arbitration Court of St. Petersburg and the Leningrad Region dated December 6, 2016 (Case No. A56-68170/2016) on the recovery of a penalty amount of 1,320 thousand rubles from OJSC IC "IPS". in favor of the State Unitary Enterprise "Fuel and Energy Complex of St. Petersburg" for partially unpaid work on technological connection to heating networks. There were no other significant court decisions that could have affected the results of the construction of houses in the Nevskaya Zvezda residential complex in 2015-2016-2017.
If the conditions for purchasing an apartment in a building of the 4th stage of construction are offered by the developer, you will be interested in both these conditions and this particular residential complex, then taking into account the described risks, as well as a possible significant delay in construction time, at your own responsibility, understanding the possible consequences , you can buy an apartment (conclude a share participation agreement), but not before the developer begins construction of a house of the 5th stage, which can provide financing insurance (if a significant part of the money from the sale of apartments in the 4th stage will be used to finance the construction of the 2nd stage) 1st and 3rd stages), construction of the 4th stage. Before the start of construction of the 5th stage, buying apartments in the 4th stage is too risky.
If the developer does not transfer the apartment within the period established in the contract and the question arises of collecting a penalty in court or it is necessary to terminate the contractual agreement, the specified clause of the contract must be declared invalid (according to Article 190 of the Civil Code of the Russian Federation, the period can only be determined by indicating an event that is bound to occur ). The specified circumstances are not such events. It should be taken into account that it is unknown what judicial practice will be on this issue at the date of filing the claim.
About our prices and the procedure for providing legal services for collecting penalties from the developer JSC IC "IPS" in the article: On how to terminate the equity participation agreement for JSC IC "IPS", in the article On how to independently analyze the financial stability of the developer, read in the legal review Checking the developer and new building. In the article we have posted examples of our work for many developers.
Year of creation: 2001
Address: St. Petersburg, st. Zvenigorodskaya, 22
STORY
OJSC Construction Concern “IPS” (“Engineering. Design. Construction”) was founded in St. Petersburg in 2001 on the basis of SU DSK-3. Over the course of many years of development, several structural divisions appeared within the construction concern:
ACTIVITY OF THE COMPANY
OJSC IC "IPS" builds residential multi-storey buildings, shopping centers, leisure complexes and business centers. The company's activities are also related to the reconstruction of dilapidated housing stock.
In most cases, the company performs the functions of a developer, investor and general contractor, performing the entire cycle of work on site - from design to commissioning of the building. Moreover, from the very beginning of its activities, the IPS Construction Concern has been working on the basis of the simplest concept of “Trusted Quality”.
COMPLETED PROJECTS
The IPS company builds more than 70,000 m2 of housing every year. Throughout its activities, the developer has put into operation 36 real estate properties. Among them are the following residential complexes in St. Petersburg:
name of the property |
Year of commissioning |
Location |
|
Residential complex Zodiac |
IV quarter 2010 |
Primorsky district; |
|
LCD Karpaty |
IV quarter 2010 |
Frunze district; |
|
Residential complex English Boulevard |
IV quarter 2011 |
Vyborg district; |
|
Residential complex Primorsky Cascade |
IV quarter 2012 |
Primorsky district; |
OJSC SK IPS has several advantages that improve its attractiveness in the eyes of buyers:
Construction concern "IPS" (Engineering, Design, Construction) is a company that is one of the leading in the construction market of St. Petersburg. Concern "IPS" is building about 70,000 sq.m. residential premises every year - and so since its founding, since 2001.
The IPS company has built and commissioned up to 20 residential buildings, not counting industrial and commercial premises. These are mainly massive multi-storey buildings - a house on Malaya Kashtanovaya Alley, 4; "Apple Orchard" on Belgrade Street; "Seaside Bastion" on Sizov Ave.; house on the street Yakhtennaya, 33, etc. Relatively recently, the IPS company commissioned three buildings in which a limited number of apartments can still be purchased - “Zodiac” in the Primorsky district (commissioned in 2010), “Angliysky Boulevard” in the Vyborg district (put into operation in 2011), "Karpaty" in the Frunzensky district (commissioned in 2010). Two residential complexes are being built right now - in the Primorsky district of eight sections from 10 to 16 floors (finishing is in progress, the complex will be commissioned at the beginning of 2013) and "Nevskaya Zvezda" in the Nevsky district (commissioned at the end of 2015). will have four sections from 17 to 19 floors, 404 fully finished apartments, and a two-level parking lot with 190 spaces.
Construction concern "IPS" was founded in 2001 and today is a dynamic representative of the industry. The company carries out a range of work within the full construction cycle, from the acquisition and registration of land to the sale of apartments in a constructed building without the involvement of agents.
The construction company "IPS" specializes in an extensive list of works. Unlike many developers who decide to build a facility on prepared land, the company is engaged in comprehensive development of territories. The key activity of the enterprise is the construction of residential, industrial and commercial buildings, including shopping and entertainment centers and business centers. The organization's bureau provides architectural and engineering design services, property management, and leases premises of various purposes, classes and sizes.
The concern's portfolio includes economy-class residential complexes "Nevskaya Zvezda" and "Leningradskoe Trio". Location of IPS projects - St. Petersburg - Vsevolozhsk district. The Leningrad Trio residential complex is made of panels with a special layer of European insulation, and the Nevskaya Zvezda residential complex is made using mixed technology, where the frame is built of brick and the walls are made of aerated concrete, and there is also additional insulation with panels. Despite the inexpensive materials, the contractor does everything possible to make the building facades look bright and respectable. Each property has commercial premises for shops and offices. In the courtyard there are children's playgrounds and sports grounds, sidewalks with night lighting, alleys, flower beds, and summer benches for relaxation.
The transaction with the buyer is completed on the basis of an equity participation agreement in accordance with the requirements of 214-FZ. The developer "IPS" conducts seasonal promotions and discounts, and also offers a mortgage loan with state support at a reduced rate. Positive customer reviews about the construction company "IPS" and the gold sign "Reliable Developer of Russia 2014" from the FNP "Reliable New Buildings of Russia" give reason to believe that the company sells high-quality housing that meets the most modern requirements of citizens.
Open Joint Stock Company "Construction Concern "Engineering, Design, Construction" (JSC "IPS") was registered in March 2001. The enterprise was organized on the basis of the DSK-3 management system, which was engaged in monolithic house construction.
During the existence of the enterprise, the following structural divisions were organized:
For all of the above types of activities, the concern has appropriate licenses issued by the licensing center under Rosstroi of the Russian Federation.
From the moment the concern was created, it was headed by Viktor Leonidovich Loktionov, who previously held the position of Vice-Governor of St. Petersburg - Chairman of the Construction Committee. V.L. Loktionov graduated from the St. Petersburg State University of Economics and Finance, Candidate of Economic Sciences. He has twenty-five years of experience in construction, holding a number of positions: from foreman at a construction site to vice-governor for construction.
Taking into account the understanding of the modern development of the construction complex in Russia and St. Petersburg and relying on international experience, the General Director set the highest parameters for the concern. Having authority and influence in the construction world of St. Petersburg, he managed to form a team of professionals who were able to create a team of a construction concern in the shortest possible time. Modern technologies for pouring high-quality concrete, a formwork system from the German company Peri, as well as a number of construction equipment from leading European companies (power plants, concrete pumps, cranes and a number of auxiliary equipment) were purchased, which made it possible to carry out work with high quality and in large volumes. All this taken together - the high level of professionalism of managers, the professional composition of workers, advanced technologies - allowed the IPS Construction Concern to take a leading position in the construction market in the shortest possible time.
Over the six years of the construction concern's existence, the following were built: 20 residential buildings made of monolith, panel, brick in different areas of the city, the building at 22 Zvenigorodskaya Street was reconstructed, and the Chipita confectionery factory was built. Currently, the concern is taking part in the construction of 14 objects that are particularly interesting in their versatility: the construction of a shopping center with an area of 35,000 sq.m at the intersection of Suzdal Ave. and Kultury Ave., the design of a reinforced concrete products plant, drawing up investment and tender documentation and designing a new factory for customers from Greece, acts as a developer, investor, general contractor for the construction of 10 houses with a total area of more than 250,000 sq.m.
Taking into account the need of young people to develop a healthy lifestyle, as well as the promotion of equestrian sports, the shareholders of the concern decided to allocate part of the funds to the construction of an equestrian school in the village of Enkolovo, Vsevolozhsk district, Leningrad region, which began operating in mid-2006.
The concern provides charity to orphanages and schools. Significant financial assistance has also been allocated for the restoration of the library of the State University of Architecture and Civil Engineering (SASU).
The management of the concern has developed a long-term development program for 5 years, which is broken down yearly and is being systematically implemented.
Construction company IPS in St. Petersburg, apartments in residential complexes, forum of shareholders.
